Quote from: Hyphen(-) on Today at 06:01:49 PM

Quote from: Hamza2424 on August 03, 2023, 08:22:07 PM

But as most people are concerned about their privacy and self custody so they use the centralized exchange but most of the new users are still dependent on the centralized exchanges. I also prefer using the DEX but I use to appreciate the contribution of the centralized exchanges in this market and global adoption.

Privacy is the main problem we mostly have with Centralized exchanges because they cannot be fully trusted with our personal details or information, which they demand from the users through KYC. But there is no doubt that centralized exchanges have a great impact on Bitcoin adoption, as many of us know about Bitcoin through the exchanges, and then we further learn about it through research in which we are able to distinguish between centralized and decentralized exchanges.

The big impact of the introduction of crypto to new users is indeed quite felt.
I was initially unfamiliar with crypto and was able to learn a lot from several CEXs that provided various tutorials and knowledge about crypto.

Although CEX seems to have contributed a lot to the spread of crypto adoption, it is only limited to commodity use rather than full adoption into legal tender.
When it comes to legalized payments, it will depend on how each government's regulations apply.

Centralized exchanges are fully compliant with their jurisdiction, are beholden to the government, and must complete KYC for every user.
Whereas Decentralized exchanges really don't need anything, except for a wallet that must be connected to the DEX website.
It is also important to be careful with some DEXs, as there are fake DEXs that can steal all your assets.